Wednesday 24 October 2012

Airports Authority of India (AAI) plans to initiate the process of seizing the Kingfisher Airline’s promoter, Dr Vijay Mallya’s personal Aircraft VT - VJM if it lands in Delhi.

In what could spell more trouble for the grounded Kingfisher Airlines, the Airports Authority of India (AAI) plans to initiate the process of seizing the airline’s promoter, Vijay Mallya’s personal aircraft if it lands in Delhi.

Mallya is expected in Delhi for the Formula One races scheduled to be held on the outskirts of the National Capital later this week.

In addition, the state-owned airport operator will also write to the Directorate General of Civil Aviation (DGCA) asking it not to renew the airline’s operating licence till its outstanding dues of over Rs 250 crore have been settled.

AAI plans to seek bank guarantees equal to the amount that is outstanding from the airline before allowing it to restart, a senior official involved with initiating action against Kingfisher told Business Line.

“We have been given a free hand to act and will take appropriate action. Such a situation cannot be allowed to continue,” the official added.

Meanwhile, some of Kingfisher Airlines’ aircraft that have been taken out of the country by the various leasing companies are finding their way back to India. Sources said while two ATR aircraft that were earlier leased by Kingfisher are being acquired by another full service airline, another two are soon to be acquired by a new start-up airline.

“This is a positive development for us. We expect that with at least two of these aircraft some airports like Kullu and Pant Nagar will become operational again. This will help not only the movement of passengers but also generate some revenues for us,” the official pointed out.

Almost 40 aircraft earlier operated by Kingfisher Airlines are parked in various airports around the country awaiting repossession before being flown abroad by leasing companies.

Sources indicated that some more aircraft earlier operated by Kingfisher and now repossessed by various leasing companies could find their way back to India.

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